Lagos generate N34bn monthly internal revenue


Lagos State Government on Monday revealed that its monthly Internally Generated Revenue (IGR) now stands at an average of N34 billion compared to monthly averages of the last three years which hovered between N24 billion and N30 billion. The Commissioner for Finance, Mr. Akinyemi Ashade who disclosed this at the ongoing annual ministerial press briefing hinged the gradual improvement in the revenue of the state to the impact of the ongoing reforms and growth in the state’s economy.
He said, “Notably, we are recording gradual improvement in our average monthly IGR in 2018 compared to the levels achieved in previous years due to the impact of ongoing reforms and growth in the State’s economy. Based on our first quarter results, Lagos State has so far achieved an average monthly IGR of N34billion in 2018 compared to monthly averages of N22 billion, N24 billion and N30 billion in 2015, 2016 and 2017 respectively.” The Commissioner expressed optimism that the IGR would continue to rise even further as the State continues to implement the various reforms, driven by wider technology adoption and innovation, adding that the target to grow the State’s IGR to N50 billion by next year was well on course. “The target we set for ourselves is N50billion but we all know the kind of push backs we have experienced including people going to court and all that. Our commitment is not for now, its for the future of Lagos. ‘’We know it’s a marathon, we would win some and we would lose some, but we are very committed towards ensuring that we meet the target, but if we don’t meet it this is not for now, its for the future of Lagos.”